Home Buying in 98087>Question Details

Dave W, Home Owner in Lynnwood, WA

Was in Navy and PCSed in 2008. Didn't qualify for HAP but had to short sale home for 200k loss after leaving the service. Any help available?

Asked by Dave W, Lynnwood, WA Sat Feb 9, 2013

My wife and I purchased our first home in Lynnwood, WA in May of 2007 while I was stationed with the Navy in Everett, WA. We received PCS orders in the spring of 2008 and could not sell our home. Due to our purchase timeline, we did not qualify for HAP.

We rented it out for two years (at over a $1000 loss each month) but eventually could not keep up with the payments. We applied for mortgage relief with Wells Fargo but was denied. They also denied our first short sale offer that would have kept us out of default (although we weren't in the Navy at the time). Eventually they accepted a short sale offer for about 50k less.

I left the service in 2010 and we were finally able to short sale the home in 2012. Our purchase price was $328k and we sold the home for $137k.

Although I am no longer in the service, clearly the PCS was the cause of having to short sale our home. Under the new rules announced in March 2012 is there any type of assistance that may be available?

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Answers

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There is a new program that allows for purchasing a home within 1 year of completing a short sale provided that certain conditions were met. I believe that your PCS orders would qualify. also, you must have good credit after the short sale. If you would still like to look into purchasing a home, contact me and I can put you in contact with a lender that can help.
0 votes Thank Flag Link Wed Oct 23, 2013
None that I know of, although you could try what was suggested below. I would work on restoring my credit for the next couple of years & eventually you will be able to purchase another home.

Good luck to you in any case,
Jirius Isaac
Isaac Real Estate Team
Champions Real Estate Services
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0 votes Thank Flag Link Sat Feb 9, 2013
As another person suggested, check out the Navy Federal Credit Union. They have some progams that might fit you. We have a transaction closing next week in which our buyer financed his home through the Navy Federal Credit Union.
0 votes Thank Flag Link Sat Feb 9, 2013
First of all; thanks for serving!
We didn't hear that in '72.

I doubt seriously that you will be able to do anything for a 2 year period, minimum.
That said, you might try:
I suggest opening up communications with the Navy Federal Credit Union. I've heard some good things lately.
I hope you've kept all the records, correspondance etc.

Good luck and may God bless
0 votes Thank Flag Link Sat Feb 9, 2013
What is it that you would like assistance for?
0 votes Thank Flag Link Sat Feb 9, 2013
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